Global Pensions |
12 Jul 2010 |
The merger between Aon Consulting and Hewitt Associates marks yet another step in industry consolidation.
Last month I had the pleasure of making my way down to Johannesburg, South Africa. I wasn’t attending the World Cup, though I did learn the Diski dance – a dance comprised solely of football moves – while I was there. Instead, I was there to help host the Imabasa Yegolide Awards, the South African awards for pension service providers alongside the Principal Officers Association, and to attend the POA’s winter conference.
The Gulf of Mexico oil spill disaster may not only be catastrophic for the environment.
Pension fund managers could have been forgiven for feeling like the worst had passed when the industry emerged from 2009, though it appears the glow of recovery was merely a reprieve.
Nobody’s happy, everybody wins? This month’s issue of GP is all about the rising tensions between government, pension trustees and employees.
Staff at Norway’s NOK2.7trn (US$452.2bn) Government Pension Fund Global must be breathing a sigh of relief as the Ministry of Finance took a slightly lighter touch when restricting its investments than had been feared.
UK - The latest National Association of Pension Funds gathering in Edinburgh found three or four hundred industry veterans in astonishingly good spirits, considering their frankly dire predicament.
I’m writing this month’s piece on the eve of the Global Pensions Awards 2010. Tomorrow night’s events are the culmination of months of work, not only from the judges and pension funds who took the time to nominate their providers, but from the asset managers that helped manoeuvre their clients through an unpredictable 2009.
Ask any asset management expert how they will remember the past decade, and the answers will be unsurprisingly grim. I heard about the end of the defined benefit plan, the swift unwinding of retirement security and the “lost decade”.
As 2009 winds down, it’s refreshing to see pension funds beginning to put risk back on the table, tentative as they may be.
It has taken the worst financial crisis in decades, but policymakers are finally taking a long, hard look at exactly what they’ve offered retirees.
Just prior to writing this, I chaired a panel debate for the UKs Pensions Management Institute in London on the various types of risk sharing arrangements which could be implemented in the UK. The background to the debate was that as it stands all the risk rests either with the sponsor when it comes to defined benefit schemes or with the employee when it comes to defined contribution schemes
The Australian superannuation system, so long the darling of many pensions policy aficionados finds itself under pressure as never before. For the first time savers are having to face up to the fact their nest eggs have shrunk and that markets do not always chart a steady northward trajectory.
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